Trump and free trade

A letter from economist Steve Keen, and a brief discussion by Lars P. Syll, drawing attention to the importance of absolute advantage in international trade, rather than the traditional theory of comparative advantage which students are taught at school and university.

Dear President Trump, Plenty of people will try to convince you that globalization and free trade could benefit everyone, if only the gains were more fairly shared … This belief is shared by almost all politicians in both parties, and it’s an article of faith for the economics profession. You are right to reject it […]

via Trump and free trade — LARS P. SYLL

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